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GOODWILL AND IN-PROCESS RESEARCH & DEVELOPMENT | 9 Months Ended
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Sep. 30, 2021
GOODWILL AND IN-PROCESS RESEARCH & DEVELOPMENT [Abstract] |
GOODWILL AND IN-PROCESS RESEARCH & DEVELOPMENT |
6) | GOODWILL AND IN-PROCESS RESEARCH & DEVELOPMENT
The Company recorded goodwill and IPR&D in the amount of $2,043,747 and $6,860,000, respectively, in connection with the 2018 acquisition of IRX. IPR&D assets are considered to be indefinite lived until the completion or abandonment of the associated research and development projects. In connection with the Acquisition (see Note 3), the Company expensed the fair value of the IPR&D it acquired in the amount of $80,537,551, as the Company determined there were no future alternative uses or separate economic values from its original intended purpose. (See Note 3.)

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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